Frequently Asked Questions (FAQs): Division of Property

If you’re going through a divorce, you probably have questions about how your assets and property will be divided. 

Division of Property in Illinois

Under Illinois law, property division during a divorce must be “equitable,” which is often different from an “equal” split of 50/50. When the judge in your divorce case makes decisions on how to divide property between you and your spouse, they consider a handful of different factors in an attempt to make the split as even as possible. 

Your judge will weigh each spouse’s income and accounts in addition to their property, which means that you won’t necessarily end up with exactly 50% of your marital property. If you and your spouse own property above and beyond the “norm” of one home and a handful of cars, the court will look even more closely at the value of different properties and vehicles. 

Experienced Attorney in Schaumburg

The division of property in Schaumburg, IL can get complicated, which is why it’s always best to have a seasoned attorney on your side. Often, to ensure that you get a fair property share, you’ll need the help of a divorce law attorney. 

Because of Illinois’ “equitable division” law, one party can end up with 60%, 70%, or more of the total property while the other party is left in the dark and doesn’t understand the reason for the division. If you need the help of a property lawyer in Illinois, don’t hesitate to give us a call!

A profitable business is considered an asset in an Illinois divorce. In order to fully understand how divorce will impact your business, it is important to understand the difference between marital property and non-marital property. 

What Is Considered Marital Property

Property and assets acquired prior to your marriage are not considered marital property and may not be part of a divorce settlement. On the other hand, assets acquired during your marriage will be part of the marital property and are subject to division between parties.

If your spouse worked in the business, was made a partner, or otherwise had an investment in your business, it may be considered all or partially marital property. If your spouse is an employee of the business, they may even be able to keep their job with the company after divorce.

Profits and expansion of your business during your marriage can be subject to division and part of the divorce settlement. 

Contact Our Schaumburg Law Firm

As you can see, business ownership during a divorce can be complex and has many potential outcomes. Hiring experienced legal counsel during your divorce can have lasting effects on the future of your finances. Robert M. Kaplan PC is experienced and can guide you through the complex legal process of divorce and business ownership.

During a divorce, if the two separating parties cannot decide on how to split their personal belongings and property, the court will have to get involved and determine who will receive which assets.

Equitable vs. Equal Distribution

The majority of states, including Illinois, follow “equitable distribution” laws. These laws state that all marital property, or property acquired during the marriage, needs to be divided between the spouses “equitably” and fairly. It’s important to note that “equitable” does not always mean “equal,” and that spouses do not necessarily receive a 50/50 share of property and possessions. 

Judges determine the division of property in Schaumburg using a number of factors, including:

• The earning capability of each spouse
• Each spouse’s overall financial health and the value of their separate property
• Financial needs of each spouse for the future
• Prenuptial agreements
• How significantly each spouse’s earnings contributed to acquiring marital property 

The Goal of Equitable Division During a Separation

The goal of the equitable division is to make sure each spouse receives a fair share of the joint marital assets as that share fits into the larger picture of financial well-being and earning potential. While the courts will always do their best to divide the property in a way that it considers fair, one spouse may receive a larger portion of the property or may receive a larger individual item, such as a house or car. 

Dividing up assets during a divorce can become complicated. Which party ends up with which assets can vary greatly and is typically up to your assigned judge to decide. 

Physical Possessions 

Many people believe that all their possessions belong to them, even when there is a divorce.

This is not true, however. In Illinois, assets owned by a couple before they file for divorce are community property. That said, one spouse can claim an asset as their own, but they must provide evidence this was the case. For example, a gift meant for that person alone could qualify as an asset that belonged to one spouse only. 

A judge can also consider a business "community property" and divide it up in the final settlement.

Equitable Division

Although it seems to make sense that assets are split in half due to a divorce, this is not always the case. 

A couple can certainly do a 50/50 split if they can both agree, but if they have to go to court to make the decision, the split will likely not be straight down the middle.  

Additionally, if one spouse makes less money than the other, they might need more of the assets to maintain the standard of living enjoyed during the marriage.

For example, if one spouse stayed at home raising the children, they contributed to the marriage in a non-monetary way that will be considered when dividing assets and awarding spousal support.

If you need a divorce attorney in Schaumburg to represent you during your divorce, please contact our legal team today. 

Illinois courts take a more nuanced, “best interests” approach to pets similar to child custody. Excluding service animals, pets are considered marital property if acquired during the marriage. What matters most is the pet’s well-being, the primary caregiver, and each spouse’s ability to care for the pet. The court can award sole custody, shared care, or consider offsets in the settlement. 

Illinois Pet Custody Laws: What’s Changed?

As of January 1, 2018, Illinois added a pivotal change to the Illinois Marriage and Dissolution of Marriage Act, under Section 503(n). Now, courts may allocate sole or joint ownership and responsibility for a “companion animal” if it’s considered a marital asset. This means that it was acquired during the marriage. Importantly, the court must consider the well‑being of the animal when making that decision.

How Do Courts Decide Pet Custody?

The courts consider:

• Who cared for the pet during the marriage (feeding, vet visits, walks)
• The pet’s well‑being, including living conditions, stability, and routine
• Each spouse’s ability to provide financial and emotional care
• Work schedules, living arrangements, and proximity to the pet’s usual environment 

Courts may award sole or joint ownership, and while detailed “parenting time” orders are rare, some judges do order shared care or visitation for pets as part of the divorce agreement. 

Call Our Schaumburg Law Office Today 

Let our experienced divorce attorney guide you throughout the process of divorce and pet custody. Call us today!